JOURNAL ENTRY NEEDED!!

Information pertaining to long-term stock investments in 2020 by Metlock Corporation follows: Acquired 18% of the 270,000 shares of common stock of Kansas Company at a total cost of $8 per share on January 1, 2020. On July 1, Kansas Company declared and paid a cash dividend of $2 per share. On December 31, Kansas Company's reported net income was $706,320 for the year. Obtained significant influence over Toto Company by buying 30% of Toto's 108,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2020. On June 15, Toto Company declared and paid a cash dividend of $1.50 per share. On December 31, Toto's reported net income was $302,400. Prepare all necessary journal entries for 2020 for Metlock Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation (To record purchase of Kansas Company stock) Debit Credit

Information pertaining to long-term stock investments in 2020 by Methock Corporation follows: Acquired 18% of the 270,000 shares of common stock of Kansas Company at a total cost of $8 per share on January 1, 2020. On July 1. Kansas Company declared and paid a cash dividend of $2 per share. On December 31. Kansas Compamy's reported net income was 5706,320 for the year. Obtained significant influence over Toto Company by buying 30\% of Toto's 108,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2020. On June 15, Toto Company declared and paid a cash dividend of $1.50 per share. On Oecember 31, Tots reported net income was $302,400 Prepare al necessary journal entries for 2020 for Metlock Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit. entries before credit entries.)